Market activity movements were on the uptrend across the board with isolated exceptions. Against H1 2009, all sub-sectors recorded gains. This was led by agricultural sub-sector at 36.4%, and followed by industrial (18.1%), commercial (12.4%), development land (10.4%) and residential (6.6%) sub-sectors. Three sub-sectors recorded positive growths over the last half-year. The agricultural sub-sector grew by 23.3% and followed by the development land (10.2%) and commercial (4.2%) sub-sectors. Conversely, residential and industrial sub-sectors recorded declines of 4.0% and 18.2% respectively. In terms of value, all sub-sectors recorded gains against both halves of 2009.
Major sales recorded in the review period comprised two office buildings. Mayban Trust Building in Lebuh Penang and RHB Building in Taman Mutiara changed hands in December 2009 and January 2010 respectively, with a combined worth of RM18.50 million.
Generally, prices, rentals and gross yields of residential property were stable across the board. However, there were continued price escalation of landed houses on the island side; breaching RM515,000 a unit for single storey terraces, more than RM700,000 for double storey terraces and exceeding RM1.0 million for two and a-half storey terraces. Double-digit rental hikes were noted throughout the state in established housing areas where ample employment opportunities are offered from nearby industrial developments.
On the island, single storey terraced houses in Green Garden peaked at RM515,000, recording an 8.4% price hike. Bandar Bayan Baru recorded 15.2% and 24.4% gains for both its single and double storey terraced houses respectively. This was due to the self-contained residential neighbourhood being complemented with Sunshine Square shopping complex, Suntech@Penang Cybercity office blocks, as well as adjacent to Penang International Sports Arena (PISA). Double storey terraced houses in Taman Sri Nibong registered a good growth of 14.2% to record a commendable price range of RM698,000 to RM720,000. Similar houses in Taman Saw Kit continued to firm at RM635,000 to RM680,000. Both schemes are located within reach of the hype Queensbay Mall, Eastin Hotel and served with efficient road linkages to Jalan Sultan Azlan Shah and the Jelutong Expressway. On the same tone, the long established Island Glades and Island Park experienced further price escalation, each by 11.6% and 11.2%, transacted at as high as RM680,000. Similar units in Taman Jerjak Indah also changed hands within similar price range, attaining a price hike of 10.7%.
In Seberang Perai, prices of landed residential units were largely stable with few exceptions. Single storey terraces in Taman Seri Rambai and Taman Merak Jaya increased by 25.9% and 17.0% respectively. The fact that both schemes were no longer subject to flood as well as served with good access contributed to the increase in prices. As for double storey terraced houses, Taman Intan and Taman Bagan Baru obtained favourable price range of RM268,000 to RM330,000.
Prices of stratified properties were on the upward trend, particularly on the island. Three-bedroom flats in Serina Bay and Azuria Condo fetched 14.1% and 7.8% higher to register between RM138,000 and RM200,000. Apartments also recorded gains of 2.9% to as high as 19.3% registered in Spingfield Condominium. N-Park apartments saw an increase of 9.2% as it has direct access to the Bayan Lepas Expressway and Jalan Sultan Azlan Shah. Luxury condominiums such as No.1 Persiaran Gurney firmed up by 7.8% to record price range of RM800,000 to RM880,000 whilst The Cove stabilised at a high RM1.30 million to RM1.75 million.
The residential rental market was generally stable with commendable upward movements recorded in selected neighbourhoods. Single and double storey terraced houses in Bandar Bayan Baru increased by 21.6% and 11.1% respectively, hand in hand with its capital appreciations. Double storey terraces in Taman Saw Kit noted a marked increase of 36.4% to register a monthly rental of RM1,500, the highest in the state. In Seberang Perai, a substantial increase of 18.8% was recorded for single storey terraces in Taman Merak, which is easily accessed from Jalan Paboi, which links up to the main trunk road of Jalan Bukit Tambun. The average gross yields for landed houses generally ranged from 2.0% to 4.0%.
In the high-rise segment, three-bedroom flats in Azuria Condo where majority of the occupiers are factory workers from the nearby Bayan Lepas Industrial Zone recorded the highest increase of 13.7%, On similar note, Pangsapuri Perai Utama on the mainland recorded gains of 9.1% due to demand from factory workers of the nearby Prai Industrial Estate. Gross yields for stratified properties generally ranged from 4.0% to as high 12.1%, recorded in Desa Pinang 2 two-bedroom flats.
Prices of shops were stable with isolated increases noted in choice locations. Double storey shops in Teras Jaya Commercial Park saw 6.4% increase due to the opening of Econsave Hypermarket nearby, which acted as the pull-factor into the area. In Bandar Sunway and Bandar PERDA, three storey shops were transacted at RM820,000 to RM990,000 and RM780,000 to RM800,000 respectively, denoting 14.7% and 16.2% increases respectively. The hype Bandar Sunway houses Sunway Carnival Mall, Sunway Hotel as well as banks branch offices whereas Bandar PERDA is equally busy with AEON Seberang Prai City shopping centre and several Government departments such as Jabatan Pendaftaran Negara, Majlis Perbandaran Seberang Perai and Lembaga Hasil Dalam Negeri. These factors along with the growing population caused the townships to be sought-after for commercial activities. Ground floor shops sustained last year’s stable rental with the highest recorded in Autocity at RM8,000 to RM14,700 per month. Rentals of office space in shops in Bandar Sunway recorded between 4.2% and 6.0% gains.
There were 400 new residential units launched in the review period, fewer than those recorded in H1 2009 (2,264 units) but more than H2 2009 (328 units). Sales performance was at 31.0%, higher than 6.9% recorded in H1 2009 but was down by more than half from H2 2009 (74.1%). Most of the newly-launched units comprised two to three storey terraced houses (140 units) and semi-detached houses (136 units).
The residential overhang stood at 509 units worth RM112.14 million. The overhang numbers were only 3.2% more from H1 2009 (493 units) but value dropped by 10.6% (H1 2009: RM125.46 million). Against H2 2009, the overhang numbers declined by 14.0% (H2 2009: 592 units) whilst value declined at a higher 21.4% (H2 2009: RM142.68 million). More than half of these overhang units were two to three storey terraced houses (255 units), of which 247 units have been in the market for more than 24 months. The unsold under construction was also on similar downtrend, recording a decline of 15.7% to 1,594 units (H2 2009: 1,891 units). However, the numbers were more by 13.7% than 1,402 units recorded in H1 2009. The unsold not constructed category was more insignificant as the numbers shrank from 79 units (H1 2009) and 74 units (H2 2009) to 26 units in H1 2010. Majority of the unsold units in both categories were condominiums/apartments.
The shop and industrial overhang remained minimal in numbers. There were 75 units of shop overhang worth RM21.75 million as at end-June 2010. This recorded an increase of 25.0% in volume and 16.5% in value against both halves of 2009 (H1 2009 and H2 2009: 60 units worth RM18.67 million). There were another 30 shops in the unsold under construction category, fewer than 62 units in H1 2009 and 46 units in H2 2009. In the industrial sub-sector, 40 overhang units worth RM12.19 million were recorded, higher than 25 units worth RM6.34 million recorded in both halves of 2009. On the other hand, the unsold under construction dropped to 43 units (H1 2009 and H2 2009: 64 units). Both sub-sectors did not witness any unsold in the not constructed category.
The performance of retail market recorded a slight improvement. The overall occupancy of shopping complexes inched up to 71.1% from 68.9% in H1 2009 and 70.8% in H2 2009. The take-up remained positive at 3,419 s.m. though lower than 60,594 s.m. (H1 2009) and 21,100 s.m. (H2 2009).
On similar note, the office market consolidated at 78.8% in H1 2010, better than 76.2% and 78.7% recorded in H1 and H2 2009 respectively. Take-up was lower at 1,297 s.m. (H1 2009: 17,562 s.m., H2 2009: 33,581 s.m.) with the absence of new completion.
The performance in leisure sub-sector moderated. The overall occupancy of the three to five star hotels was at 53.5%, picked-up slightly from 52.2% recorded in H1 2009. However, it was lower than 56.4% recorded in H2 2009 and the national average of 54.0%.
Construction activities were relaxed across the board. The residential sub-sector recorded fewer completions against H1 2009 but more than H2 2009. On the other hand, shop sub-sector recorded otherwise. Both sub-sectors recorded fewer starts and new planned supply against the respective half of last year. The industrial sub-sector saw more completions than in H1 2009 whilst the numbers equalised that of H2 2009. On the other hand, new planned supply recorded otherwise. No starts were recorded in the review period. Both the retail and office sub-sectors did not witness any new construction activity with the exception of two starts in retail sub-sector (H1 2009 and H2 2009:0). The former recorded nil completion (H1 2009: 3; H2 2009: 0), and new planned supply (H1 2009: 0; H2 2009: 3). Similarly, the office sub-sector did not record any completion (H1 2009: 2; H2 2009: 2), starts (H1 2009: 0; H2 2009: 1), and new planned supply (H1 2009: 1; H2 2009: 0). View Full Report
Source : National Property Information Centre (NAPIC)
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